As more firms look to stay competitive, Ashurst has increased its newly-qualified lawyer pay by nearly 10 per cent.
The firm has raised salaries for its NQs from £105,000 to £115,000.
A spokesperson said in a statement: “We carefully monitor and review our pay structures to attract and retain talent and remain competitive.
“We are pleased to confirm our basic pay for newly-qualified lawyers in London will be at least £115,000, with effect from 1 November 2023.”
In January last year, the firm raised salaries for its NQs by nearly 17 per cent from from £90,000 to £105,000.
In 2019, Ashurst made sure its NQs would be able to earn up to £105,000 but only when a bonus was included. Now NQs will pick up £105,000 plus a bonus.
In 2020, Ashurst froze NQ pay at £84,000 as a result of Covid-19, later increasing it to £85,000 in November of that year. In June 2021, there was an increase back up to £90,000.
Ashurst joins the throng of firms increasing NQ rates. Last month, Baker McKenzie announced it has increased its salaries in London to £118,000.
The pay rise puts Bakers ahead of the likes of Slaughter and May which has kept its NQ pay at £115,000 and Macfarlanes who recently upped NQ rates to the same amount.
Bakers fell just behind Hogan Lovells with a recent increase to £120,000 and Allen & Overy and Linklaters having just upped to £125,000.
Ashurst last week revealed revenue growth of 10 per cent for the last financial year and a slight dip in average profit per equity partner (PEP). The firm’s global turnover rose from £798m to £879m over 2022/23. PEP fell very slightly to £1.17m, having totalled £1.175m in the previous financial year.
